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Is Bitcoin On Track to Make a Big Move and Hit $100,000 in 2024?

Over the last 15 years, Bitcoin (CRYPTO: BTC) has already surpassed nearly every projection, estimate, and expectation. In just over a decade, the cryptocurrency has grown from just a few pennies per digital coin to more than $50,000 by 2021, taking the world by storm.

With its price sitting at roughly $70,000 in June 2024, the next major landmark in sight is the coveted six-figure mark. As sensational as it might sound, history tells us that a $100,000 price tag is increasingly likely. But the real question is: When will Bitcoin make it past $100,000? Could it be in 2024?

Measuring the effect of the halving

Any prediction like this is inherently speculative. But a bit of speculation can be healthy and force us to evaluate an investment's long-term developments.
To forecast Bitcoin's performance, it's imperative to consider the trends around the halving. The halving is a pre-programmed event that occurs approximately every four years. It reduces the reward for mining new blocks by half and forms the foundation of Bitcoin's robust monetary policy.

This mechanism effectively decreases the rate at which new bitcoins are created over time, contributing to Bitcoin's scarcity and, historically, its price appreciation. Bitcoin recently underwent its fourth halving in April 2024, sending its inflation rate to just 0.85%.

Due to the clear influence the halving has on dynamics around Bitcoin's supply and demand, we can form our projection around it by looking back at previous halvings. In the year Bitcoin undergoes a halving, its price increases by around 125% on average. If we measure from its price at the beginning of the year ($44,000), a 125% increase would put its price at $99,000.

If this halving has a similar effect to past ones, it appears that Bitcoin should be within striking distance of the $100,000 mark in 2024. But to add more certainty to 2024 being the year Bitcoin hits six figures there is one other variable we need to consider.

$BTC
#bitcoin #BTC #BitcoinBeliever

1 Top Cryptocurrency to Buy Before It Soars 150%, According to a Popular Analyst!

Dogecoin (CRYPTO: DOGE) went through some wild swings over the past three years. The cryptocurrency was launched in 2013 as a parody of Bitcoin (CRYPTO: BTC) named after the Shiba Inu dog meme. It was only worth $0.01 at the beginning of 2021, but by May 8 of that year, it had soared to a record high of $0.73.
That rally was driven by two main tailwinds. First, a mix of social media buzz, low interest rates, and stimulus checks sparked a buying frenzy in cryptocurrencies, meme stocks, and other speculative investments in 2021. Second, celebrities like Elon Musk, Mark Cuban, and Snoop Dogg jumped on the bandwagon and promoted Dogecoin to their social media followers.
But today, Dogecoin is only worth about $0.16. Soaring interest rates drove investors away from speculative investments like cryptocurrencies, and many of the market's smaller altcoins collapsed as a new crypto winter began.
Faced with these challenges, many investors might think it's smarter to stick with "blue chip" cryptocurrencies like Bitcoin and Ether. Nevertheless, some investors believe that Dogecoin could still bounce back in the near future.
Altcoin Sherpa, the alias for a closely followed crypto analyst with nearly 217,000 followers on X, recently claimed that buying Dogecoin and expecting it to rally about 150% to $0.40 was one of the "safest trades" investors could make right now. Let's see if that outlook makes any sense -- and if investors should be more bullish on this volatile meme coin.
What is the bullish case for Dogecoin?
Altcoin Sherpa's bullish case for Dogecoin is based on the belief that retail investors will buy it again, that it has great liquidity and low downside relative to other meme coins, and that it's more appealing than many of the smaller altcoins.
He also believes that all it takes will be one tweet from Elon Musk to "blow it up."

#altcoins #doge⚡ #DogecoinCommunity $BTC $ETH $DOGE

Big Friday Crypto Selloff Pulls Bitcoin Below $70K
Ideas about lower U.S. interest rates were foiled again and a plunge in shares of speculative favorite GameStop soured the mood in crypto.

Challenging an all-time high earlier Friday, bitcoin has pulled back, giving up most of its weekly gains
The selloff in the rest of the cryptocurrency market was far larger as speculative fever cooled
The spot bitcoin ETFs are on their largest accumulation streak since launch, but it wasn't enough for a sustained rally in price.

What was thought to be a challenge of all-time highs for bitcoin (BTC) has turned into a fast retreat in U.S. trading on Friday, with the world's largest crypto barely hanging onto a week-over-week gain.
At press time, bitcoin was changing hands at $69,000, down 2.5% over the past 24 hours. That was far outperforming the broader CoinDesk 20 Index, which is lower by 5% over the same time frame.
Among CoinDesk 20 constituents, ether (ETH) was off 4%, Tezos {{XTX}} and EOS {{EXOS}} 10% and Solana (SOL) 7%.

According to data tracked by Coinglass, the selloff has led to $450 million in liquidations, the largest amount since a mid-April washout.
Challenging $72,000 earlier on Friday, bitcoin began headed lower in the U.S. morning hours after the government's employment report for May came in far stronger than expected with 272,000 jobs added. That seemingly dashed hopes for an imminent interest rate cut by the Federal Reserve, sending interest rates and the dollar sharply higher.

The selloff in bitcoin and crypto really picked up steam several hours later as Roaring Kitty held a hotly anticipated YouTube livesteam for the first time in several years. The trading legend perhaps disappointed those waiting for some sort of big announcement and instead said little of interest except for his hope that GameStop management will be able to transform the company into something of great value in coming years.
Already lower on the day, GME shares fell further during the broadcast, now off 40% for the session.The GME meme coin is down 50% from highs reached earlier!

Weekend Wrap: Loopring $5M exploit, Bitcoin NFT weekly sales bump and more

An attacker exploited Loopring’s 2FA service and made off with over $5 million and the NFT market saw sales rise on the week led by Bitcoin Ordinals.

Loopring suffers $5M hack via compromised 2FA

Ethereum zero knowledge-rollup protocol Loopring said on Sunday that it suffered a $5 million security breach of its two-factor authentication service “Guardian” for its smart wallets application.

In a June 9 X post, Loopring said the attacker compromised the project’s 2FA service, which allowed them to initiate a recovery process that reset wallet ownership and allowed the withdrawal of assets.

It shared two wallet addresses it alleged were involved with the exploit. Etherscan data shows one wallet holding over $5 million worth of cryptocurrencies.

Loopring’s Guardian service allows users to choose wallets they trust to help restore seed phrases or lock hacked wallets.

The project said the exploiter somehow compromised Loopring’s “Official Guardian” and started the recovery process on wallets using only that guardian.

“We are actively collaborating with Mist security experts to determine how our 2FA service was compromised,” Loopring said. It’s also working with law enforcement “to track down the perpetrator.”

It temporarily suspended Guardian and 2FA-related operations, which it said halted the compromise.$BTC $ETH $SOL #bitcoin #BTC #Metaverse

US elections are a ‘huge variable’ for Solana ETF approval

The approval of spot Ether ETFs has opened Pandora’s box for another altcoin ETF. Solana, XRP, Chainlink or Dogecoin could be next, but is the crypto market overly optimistic?
The prospect of another altcoin exchange-traded fund (ETF) in the United States could depend on political changes following the upcoming 2024 U.S. presidential election.

This is despite the U.S. Securities and Exchange Commission (SEC) giving the green light for fund managers to list spot Ether
ETH
tickers down
$3,688
ETFs on May 23.

Although SEC Chair Gary Gensler admitted that “it will take time” until the Ether ETFs are launched, speculation about the next crypto ETF has already begun, with Solana’s
SOL
tickers down
$160
emerging as a top contender.
Despite the enthusiasm for more crypto ETFs, Ophelia Snyder, co-founder and president of 21.co — a sponsor and subadviser for ARK Invest’s spot Ether ETF — told Cointelegraph that expectations for new altcoin ETFs shouldn’t be too high.

“It’s unlikely that the approval of ETH will result in a large wave of approvals.”
However, as the spot Bitcoin
BTC
tickers down
$69,628
and Ether ETFs demonstrated, high demand from institutional investors for altcoin ETFs could compel ETF issuers to file applications.

In an April report, CoinShares — an alternative asset manager specializing in digital assets — found that hedge funds and wealth managers have significantly increased their altcoin holdings, specifically Solana.

Snyder highlighted the significant interest in 21.co’s Solana exchange traded-product (ETP) on European exchanges, stating that it has nearly $990 million in assets under management.

The SEC has not shown any signs of embracing other cryptocurrencies for future ETFs. Approving spot Ether ETFs was already a hard pill to swallow for the commission.

An altcoin ETF may be even more difficult for the SEC to accept; however, a number of different factors could change that.

$BNB $BTC $SOL

GameStop rally sends Roaring Kitty’s shares to $1B

Keith Gill, also known by his internet nicknames “Roaring Kitty” and “DeepFuc*ingValue,” could soon emerge as a billionaire due to his investments in GameStop (GME) shares. The trader, known for the GameStop short squeeze in 2021, has seen his holdings rise in value after he announced a new $180 million investment in GME shares. The announcement led to a significant increase in GameStop’s stock price, boosting its market capitalization and ranking it among the top 400 public companies in the U.S. Meanwhile, Gill faces scrutiny and a potential investigation for market manipulation.

Bitcoin open interest goes meteoric, traders warn of a ‘whipsaw’

Bitcoin’s open interest increased by $2.02 billion over three days, totaling $36.92 billion on June 6. The spike has led traders to speculate about a potential “whipsaw” effect — a sudden reversal in price direction — due to the high volume of leveraged positions. Experts suggest that while this might lead to short-term price corrections, it also shows increased speculative activity that could influence Bitcoin’s price volatility.
New law grants US president power to block digital asset access

A new U.S. law grants the president significant powers to block access to digital assets, specifically targeting foreign entities linked to terrorism. The law, called the Terrorism Financing Prevention Act, defines digital assets broadly, encompassing any digital representation of value cryptographically recorded on distributed ledgers. Critics argue that the law’s expansive scope could push users toward Know Your Customer-compliant, permissioned blockchains, effectively controlling the digital asset landscape.

Crypto exchanges see $3B Ethereum exit since ETF approvals!

$BTC $ETH $BNB
#BTC #bitcoin #ETHETFsApproved

Bitcoin return to $71K would wipe $1.38B shorts

If Bitcoin returns to the price it had been hovering around for the previous two days before the slight dip, it would wipe out a considerable number of short positions.

Should Bitcoin quickly rebound from its recent dip to its June 6 price of $71,000, over a billion dollars worth of short positions will be liquidated.

On June 7, Bitcoin
BTC
tickers down
$69,659
dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000 amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealed more job growth than expected during May.

Along with Bitcoin’s price decline, Ether
ETH
tickers down
$3,690
also saw a 3.58% decline over the 24 hours, and several altcoins, such as Solana’s
SOL
tickers down
$160
, Dogecoin
DOGE
tickers down
$0.15
and Pepe
PEPE
tickers down
$0.000013
, took a hit of 5.61%, 8.70% and 9.99% respectively, according to CoinMarketCap data.

The market plunge led to a $409.51 million wipe out of short and long positions across the board, according to CoinGlass data. Of that, $56.71 million were long positions in Bitcoin.

If Bitcoin returns to $71,000, approximately $1.38 billion in short positions will be liquidated. Source: CoinGlass
However, two days before Bitcoin’s price decline, on June 5 and 6, it hovered between $70,000 and $71,662. Many traders were hopeful it might inch closer to its all-time high of $73,679.

Donald Trump doubles down on crypto support at fundraiser event:

Donald Trump reportedly announced his goal to be the “crypto president” at the event, where he raised $12 million.

Former United States President Donald Trump is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign, now proclaiming his goal to become the “crypto president,” according to a recent Reuters report.

Published on June 7, citing sources familiar with the matter, Trump reportedly declared “he would be the crypto president” at a fundraising event in San Francisco hosted by Craft Ventures’ general partner, David Sacks and tech billionaire Chamath Palihapitiya.

The event reportedly helped Trump raise $12 million to support his promotional efforts before the Nov. 5 U.S. presidential election.

Trump also reiterated his support for crypto and his plans to push the industry forward while pointing out the Democratic Party’s intention to take the opposite approach with harsh regulations — which the U.S. crypto industry commonly refers to as regulation by enforcement.

The claim follows Biden’s controversial crypto decision

It comes only a week after current U.S. President Joe Biden received backlash from the crypto industry after vetoing a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121 — controversial crypto accounting guidelines requiring institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.

This follows several recent public declarations by Trump showing his support for the crypto industry.

On May 26, Cointelegraph reported that Trump reiterated the U.S. must not settle for anything less than first place in the crypto industry.
#BlackRock #bitcoin #BTC #Metaverse

Bitcoin lingers lower following a “doubly strange” U.S. trading session, with BTC price support in question.
Bitcoin circled $69,000 on June 8 as traders licked their wounds from a snap sell-off.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin
price behavior stabilizing into the weekend.
The largest cryptocurrency had endured sudden volatility at the prior Wall Street open thanks to what was labeled “schizophrenic” United States employment data.
This was then compounded by a rout in altcoins, which came courtesy of market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD saw local lows of $68,450 on Bitstamp, while largest altcoin Ether
briefly fell below $3,600.
Responding to the past 24 hours’ events, trading firm QCP Capital called the U.S. session “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” it wrote in part of its latest update to Telegram channel subscribers.
QCP referenced next week’s macro data prints, which include the Consumer Price Index (CPI) along with the Federal Reserve meeting to determine interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” it continued.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
The firm nonetheless saw local lows on BTC and ETH as “a good opportunity to buy the dip” based on future Fed moves potentially benefiting risk assets.
Eyeing key levels, the crypto market analysis looked to the monthly open around $67,500 as the level to hold as support should weakness continue.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase wrote in part of one of his latest posts on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
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